text:
Write Review
My Account
Manage Account
Compare Banks
Wachovia Corp
Wachovia Corp Checking Accounts
out of
Reviews & Complaints
Most Popular
More Options >
More filter options:
Share this page [+]
Extreme NSF Fees/Bill Payments online slow to post/Overdraft automatically applied to checking accounts
Posted by GRPSAFF on 07/10/2007
NEW YORK, NEW YORK -- Wachovia is probably the most aggressive fee charging bank in North America. They claim they have the best customer service in the country.
Their bill payment service does not detail enough information to inform clients how the transactions will be withdraw from the account and when. When the account is drawn over balance and they pay the payments/checks then they charge you $35 NSF.
Their daily reconciliation system pays out the larger items presented against the account first then the smaller ones when the balance is going to be overdrawn or returned.
In their Agreement with Clients, it notes that Wachovia at its discretion can determine whether or not to pay items presented to the account for payment or to return them. I note here for other consumers, I never had a overdraft protection line on my checking account with Wachovia. They automatically just drew the account over the balance at their own determination and then charged me over $350 in NSF charges. I was asked by Wachovia when I questioned why they paid these items if there was insufficient funds in the account, they asked me why did I write the checks/items in the first place if I did not want them paid. Most other banks would just return the checks/items and not overdraw your account and charge you a fee.
Sometime ago I had a judgement against myself and my business partner, as a result of the claim by the plantiff, which was valid and had already been paid by us after the court hearing, yet not notarized by the Court Officers; I found a HOLD against my account of 2.5 times the judgement account. Wachovia said they HOLD additional monies from accounts to ensure any additional claims or costs are made by the plantiff and the Court that these will be covered by the HOLD. I was outraged. I could not believe that the bank I banked with and started the relationship with would do such a thing, sure take the claim amount, but 2.5 times that amount was a huge sum. It took over 6 weeks to have the HOLD removed from the account and the funds released. Again I complained to Customer Service and the Office of the Currency Controller.
Every answer you receive from Wachovia Customer Service is purely a computer generated response, they never EVER holistically look at your account or your relationship with the Bank. Unlike HSBC where now I have a relationship manager and they communicate with me most regularly about transactions.
One day, I made a counter withdrawal from Wachovia which they paid to me, meanwhile a series of checks, bill payments and other items where simultaneously being paid at the same time. Had the teller actually informed me of these items being presented I would not have withdrawn the cash from the account, which then subsequently resulted in more NSF charges.
There is nothing positive I can think of about my relationship with Wachovia. I would say this to other clients, (I have changed banks to HSBC and the service is incredible) COMPLAIN to the Office of the Currency Controller, and detail within that complaint all your concerns. Also lodge a complaint with the FTC and any other State body that you can. I have complained several times to the OTCC twice about Wachovia, and nothing resulted from the complaint except I felt my situation was at least addressed properly by the Office of the President, of Wachovia. Which I am sure is merely a complaints department unit in the President's office.
Wachovia customer service is aggressive, unrelenting and their checking account is loaded with fees. I would strongly suggest reading all the fine type when you decide to open an account at Wachovia. The account might be free or minimal monthly charges but they will collect ample more charges as you can see on the website when you use a debit card for a $5 transaction and it doesn't post for several days and then your overdraw your account again.
and you get charged with a $35 NSF.
I will NEVER bank with Wachovia again, I have mentioned my experience with many of my friends and colleagues to beware of this bank and its predatory practices. I would strongly advise people NOT to open an account at Wachovia.
Was this review helpful?
Read 15 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by chemman on 2007-07-10:
I'm not sure that I agree with all of your complaints. I don't think it's the teller's job at the counter to inform you of checks and bill payments that are processing so you wouldn't withdraw money, it's up to you to track what payments were made from your account. But one thing that drives me crazy is their bill pay. I pay a bill with it (for instance my wachovia mortgage payment), which shows it will pay it the next day. For the next 24 hrs it shows as a pending bill pay and no money is subtracted from my account. The next day, it will no longer show as pending, in the bill pay area it shows it as paid but the money still has not been removed from my account, it sometimes takes up to three days for the money to actual be removed from my account. Luckily, I track my payments carefully so this has never been an issue, I just think it is a bit sneaky to show it as paid already in the bill pay section, but not subtract the money from your account for quite a few days. If you don't watch it closely, it could burn you.
Posted by Anonymous on 2007-07-10:
I don't bank with Wachovia but I have to say by reading through your post, it clearly sounds to me that you are not balancing your account well, depending on a bank teller to advise you that checks are going to clear is obviously not a good practice. I'm sure you'll hear this from more than just me: don't deduct more than what you deposit and you won't incur overdraft fees. Keep track of your transactions...it is your responsibility to know how much is going in, how much is going out, what checks haven't cleared yet, pending transactions, etc
Posted by CrazyRedHead on 2007-07-11:
Don't write checks unless you know you have the funds to cover it. It shouldn't matter what order they come in, you should have the funds available to cover them regardless. It sounds like you need to balance your checking account. Get a checking register and keep track of everything you do, don't depend on the phone or online. I have BOA and they do overdrafts and NSF fees the same way. I have no fees associated with my checking and savings account. The customer service, when I have to deal with them, have been outstanding. There have been a couple of mistakes with my account but BOA has seen the errors and credited me back the fees and even gave me a credit for more money. When I call them I am very nice and not nasty and they do what I ask them to do, and quickly.
It is not the tellers job to tell you what is coming in and going out on your computer, and most of the time they don't have it on there screen. I had a teller turn her monitor around for me to see what is there once.
Have you read the complaints about HSBC?? I have a feeling you are going to be in the same situation if you continue to handle you account like this, and then you are going to write a letter here complaining how bad they are.
The bottom line here is, you have to take better care of you account. Get a checking register and keep accurate track of you money. Don't write checks for money you don't have and quit juggling your money, in the end it will just come back around and bite you in the butt.
Posted by jktshff1 on 2007-07-11:
Sounds like you need to get an accountant or bookeeper to keep up with your funds.
Posted by MRM on 2007-07-11:
I agree with all of the above comments... you are responsible for keeping track of your own accounts, not anyone else.
Posted by jktshff1 on 2007-07-11:
CRH got a star!!
Posted by poppapia on 2007-07-11:
You are very wrong in your statement that other banks will just return the checks and not charge you a fee. All banks will charge an overdraft fee, regardless of whether the check is paid or not. It would seem it is better to have the check paid and get charged the fee, than have it returned and still get charged. In all likelihood, the account will become overdrawn because of the fees being charged. Also, in regards to the online bill pay, you can choose the date to have the bills paid, so your excuse that you don't know when the money is coming out is very weak. As previously mentioned, you need some help on balancing accounts and financial matters.
Posted by Anonymous on 2007-07-11:
You ought to have to pass an exam in common sense before you are allowed to have a checking account.
Posted by heaven17 on 2007-07-11:
"...they asked me why did I write the checks/items in the first place if I did not want them paid. Most other banks would just return the checks/items and not overdraw your account and charge you a fee."
It's thinking like this that has you in the spot you're in right now. I've been there (GOD, have I been there!)and can sympathize but only to a point.
This is all on you, I'm afraid.
Posted by Anonymous on 2007-07-11:
Good job CRH! You are now a star!
Posted by rhondam718732 on 2007-07-11:
Your complaints are the usual...bottomline is that you aren't managing your account and want to blame the bank. As for the complaint about posting larger checks b4 smaller ones...I read this alot on this website. And the reason 99% of all banks do it is so that items such as mortgages, rent checks, car payments, loan payments are cleared before seven $30 checks spent buying food or clothing are cleared. In a sense it is the thinking that the larger the check, the more impt the check may be...I couldnt agree more.
Posted by Ponie on 2007-07-11:
'I would strongly advise people NOT to open an account at Wachovia.' And I would strongly state you take the advice of all the responses here. Make sure the input exceeds the output--and keep track of it.
Posted by CrazyRedHead on 2007-07-11:
I'm so proud. He He :o>. But at one time in the past I was in the place of this op, but the difference was I was the only one to blame for writing for what I don't have and overdrawing like crazy.
Posted by eldridgemomma on 2007-08-12:
I'm not understanding all of these people with complaints about Wachovia or any other bank..."why did they pay the check if the money wasn't in there?"...WTH?!
"Why did you write the checks if you didn't want them paid?"..exactly my thoughts! Be thankful that they did, otherwise, you would not only have the bank's fees, but also fees from the merchants, not to mention, possible charges brought against you.
Posted by near the lake on 2008-08-13:
Indeed, your bank account is YOUR responsibility. If you don't balance your checkbook, don't blame the bank for feeding their bottom line. It is not the teller's responsibility to tell customers what items are pending, or to determine what to pay or not to pay. Deal with reality and learn to balance your account. Or you may opt to buy money orders!
Close comments
Add reply
Fees on checking accounts
Posted by Tammye on 06/04/2007
KERNERSVILLE, NORTH CAROLINA -- I wanted to write a review on the experiences with Wachovia Bank. First, this bank has more hidden fees than any bank I have ever dealt with. We have had several issues with them all because of a click of a button. Never in my life have I ever had to pay $140.00 for a NSF of .86. So you people are aware, even if you have a direct deposit of $1,000 or more within for hours of an overdraft which was my $.86, this is how much you will pay for it. We had a direct deposit of Midnight 6/1 and they still NSF a check for 29.60 keyed in the same day after the deposit. You tell me why after all my money shows direct deposit dated the same day. So for all you people who would like to keep your money, Wachoiva isn't really free checking at all. You end up paying them in the end with your debit card somehow. The fees are outrageous.
If you have a complaint like mine MSN had an article on it 6/1/07 on how to report this to congress to pass a bill against all the over charges.
Was this review helpful?
Read 13 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by bill on 2007-06-04:
I have Wachovia and my checking and debit card are totally free. I have never had a NSF, but then again I don't spend more than I have in my checking account. Maybe that has something to do with it.
Posted by Ponie on 2007-06-04:
bill, agreed. If I don't have the money, I don't try to spend it.
Posted by Anonymous on 2007-06-04:
That's why I like arvest. Each business day they process deposits FIRST than withdrawals sorted by date whereas Wachovia processes withdrawals first sorted by amount (high to low) and then deposits. This is done for no other reason than to harvest fees from their customers. I ask ya'll is that anyway to treat your customers. Dump these guys. There's still a few good banks around that value their customers.
Posted by Anonymous on 2007-06-04:
Stew is right on. BofA etc. they all do it that way now. The banks last year made over $10bil in NSF fee profits. Bank with a local credit union, they will work with you.
Posted by Anonymous on 2007-06-04:
Tammy, all banks are like that now like superboul says they made over 10 billion in fee profits and the thing is you don't have to pay a lot of those fee's but the catch is they have your money and they just take it.
Posted by Anonymous on 2007-06-04:
Lidman - I'm not sure I or anybody else fully comprehends your last comment but let me add NOT all banks are like that, yet.
Posted by grandma005 on 2007-06-04:
Tell me which banks are not like that?
Posted by Anonymous on 2007-06-04:
Funny, I've never had a problem with overdraft fees. Then again, I never try to spend more than I have in my account. Perhaps that has something to do with it?
Good luck finding a bank that will not charge overdraft fees. You'll need it!
Posted by Anonymous on 2007-06-04:
Stew, They are all like that and why do you think you cannot comprehend reality?
grandma005, Stew doesn't know much and he googles a lot.
Posted by Anonymous on 2007-06-05:
Lidman, Arvest processes deposits first as does the Tinker Credit Union. Not all banks sequence their transactions in order to maximize fees. Why do you constantly stalk me with your gibberish. It only makes you look foolish.
Posted by Anonymous on 2007-06-05:
Stew, if the people can't see that you constantly troll after me and try to put me down with all your googled up crap the they are as foolish as you.
We are talking about banks here idiot!
Posted by poppapia on 2007-06-05:
superbowl, why do you always advocate credit unions? I know people who have had the same problems with credit unions, so they are not the cure-all you seem to think. There are many locally-owned community banks that care about your business, so try one of these, as you can get the same services that the megabanks offer, with more personal service.
Posted by eldridgemomma on 2007-08-12:
I'm with you Bill...also a Wachovia customer and have never had any problems...go figure.
Close comments
Add reply
Excellent service for my 16-year-old son
Posted by MDSasquatch on 03/17/2011
ELDERSBURG, MARYLAND -- My son got himself a part-time job and was suddenly in need of a bank account for direct deposit of his paycheck. I've been with Wachovia and Wells Fargo for many years, so I took him into Wachovia.
The bank manager brought us into his office immediately and began the process; I decided to observe and let my son work through the process by himself. The manager took the time to explain everything so my son could understand and still made him feel like a young adult at the same time.
He now has a checking account with a bank card, a savings account, and a "way to save" account; all of which can be accessed through his online banking account. The best part is that all of these services are FREE because he is a student. The only negative was that I had to make the first deposit for him -- $55
If you are looking for a great bank for your family, you should really consider Wachovia.
Was this review helpful?
Read 8 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by Venice09 on 2011-03-17:
We have a lot of banks in our area, but none of them would give my son a checking account until he was 18. He finally opened one at TD North, and they treated him the same way as your son. They even gave him a bunch of stuff to get started. It's nice when a bank employee takes the time to explain things to a first-time banker. It's good to get started on the right foot.
Posted by clutzycook on 2011-03-17:
Wow. I was 13 when I got my first savings account and 15 when I got my first checking. But, I did business with the small community bank in my hometown. Pretty much all the people who worked there went to my church and had all known me since I was in diapers :).
Posted by MRM on 2011-03-17:
The first time ive ever open a banking account is when I had my first job at 17.
Posted by MRM on 2011-03-17:
MD, I applaud your son in getting his first job and opening his first bank account.
Posted by MRM on 2011-03-17:
I think that should be expected to deposit $55 because he has no money in the bank.
Posted by Venice09 on 2011-03-17:
Clutzy, our community bank wouldn't give him a checking account either. They insisted no one under 18 had ever been allowed to open a checking account since the bank opened. When I told them my daughter opened a checking account at their bank before turning 18, they argued with me. Their rules obviously changed, but for some reason no one wanted to say so.
Posted by Ytropious on 2011-03-17:
I had a checking account before I was 18. I also had a credit card but it was tethered to my moms credit. I had a childrens savings account where I earned free plastic dinosaurs too.
Posted by clutzycook on 2011-03-17:
Yt, I want plastic dinosaurs! :)
Close comments
Add reply
Slow to post transactions past several months/maximizes their possible O/draft fees
Posted by MissTfied on 07/08/2010
ATLANTA, GEORGIA -- I have for the first time in a l-o-n-g time twice recently gotten overdraft fees. Unfortunately, due to hugh, long term medical expenses for 2 relatives, my savings exhausted and no cushion. They were really nice while I had the savings in their instutution. At a time most are enjoying their retirement, I am back at work trying to get finances back in order. They are now no help. Overdraft fee for $2-3 that never even showed up as a negative (caused by a Chevron gasoline purchase on bank card that was so long - weeks - posting, that I had forgotten about it.
Our Congress passed legislation to help credit card crisis, but delayed implimentation of it to give the cc companies time to raise interest, lower limits adversly impacting credit scores on everyone - even folks who never miss a payment. So I do not expect they will do anything really helpful about banks that have computer program designed to maximize their fees.
Of late, I have noticed that it is no longer safe to do online banking to figure out balances. It was no problem until the past approx 6 months. I have noticed items that normally post overnight are no longer doing that: online bill pay, check cashed at the teller window, etc. In this day when everyone wants you to do paperless billing/banking/paying, I am going back to the paper ledger for banking that should not be necessary. I know it is better practice - do not lecture me - life just gets in the way of a lot of "good practices" and the notes I make myself worked just fine until the past 6 months. Something has changed with Wachovia that they are not posting items as quickly.
I am taking our local consumer advocate advice and saying goodby to the large no-service mega banks. I am shopping around at the smaller local banks or most probably I will go with a federal credit union.
Enuf of Wachovia/Wells Fargo and their rude managers who do not even return calls except during the hours that you tell them you will be away from home - then "in a conference" if you happen to catch them in the bank. Perhaps it is the change to Wells Fargo involvement that has resulted in these changes? Goodby Wachovia/Wells....I will miss you...NOT!
Was this review helpful?
Read 8 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by bcd on 2010-07-08:
I have done business with Wachovia for several years and have found them to be very reliable on posting transactions quickly. It is not Wachovia's fault that Chevron didn't close their daily batch for several days.
An account that drops below the level of zero dollars is considered to be in overdraft mode. This is not the fault of Wachovia's computers. All financial institutions use the same math.
Posted by Weedwhacked on 2010-07-08:
Again, if you don't overdraft your account it doesn't matter what order the bank puts in your transactions. Ask yourself one question, "Why would they not want to maximize their overdraft fees?" They're not on your side! Don't let themn take your money.
Posted by MaggieMcT on 2010-07-08:
A check register can be your very best friend. And it really doesn't take much time or effort; well worth it to avoid the fees. Even if the banks promised instantaneous posting of everything, I would keep my register. Call me paranoid, as long as you also call me overdraft-fee-free.
Posted by leet60 on 2010-07-08:
I also see no fault on the bank here. By the OP's own admission: "caused by a Chevron gasoline purchase on bank card that was so long - weeks - posting, that I had forgotten about it."
If you keep a check register, as someone noted above, take 30 seconds to record the transaction, then balance your checkbook at the end of the month, this will never happen. On the other hand, everyone who is willing to feed the banks an average $35.00 as shot to pay for overdrafts, keep on doing so.
Posted by MissTfied on 2010-07-08:
I stated that one was my fault entirely by not keeping a ledger. Why did a check I presented at the counter yesterday still not post today. That has been no problem, but again it is a pattern of their not posting bill pay to the account when they pay it that bugs the h... out of me. It takes several days before it will show up as paid out of my account. Maybe you do not check your account daily. I do. This pattern did not exist 6 months or so ago. I do not care if it is legal...I guess I am old enough to remember when folks conducted business ethically. The other time it was overdraft charged, it never showed in my account that it was overdrawn. They could not show me. The direct deposit went in the same day they said an overdraft occurred but could never show me in black aqnd white.
Posted by MaggieMcT on 2010-07-09:
"It takes several days before it will show up as paid out of my account." Again -- that doesn't matter one little bit, if you've deducted the amount from your check register.
Posted by skelly39 on 2010-07-09:
I'm not going to lecture you, MissTfied. Yes, life gets in the way, and you admitted your hand in the problem. The bank is not your friend and will do what it can to capitalize off of your minor mistakes to create huge problems for you and big profits for them. As far those who say it doesn't matter how items post if you have the money in your account-theoretically, that's correct, assuming you're superhuman and never make a mistake. Good for you for getting out of that bank.
Posted by CrazyRedHead on 2010-07-09:
You should deduct every thing from your account balance in your ledger, no matter how old or small they are. It doesn't matter in which order they post if you keep the right amount of funds in the account in he first place, unless this was the hold amount that most gas stations do when using a credit/debit card.
Close comments
Add reply
Wachovia is rip off. NSF fees and returned deposits.
Posted by Yhall on 12/10/2009
I made a deposit in my Wachovia account on 12/7/2009. Keeping in mind that I have had this account for five years. I have deposited checks made out to my husband and my business for five years now. So on the 7th I make a deposit with three checks and cash two made out in my husbands name who signed the back of them. I took them to the bank and deposited them through the ATM because it was Sunday and they were closed. So I check my account on Monday and they have adjusted my deposited and pulled the two checks and debited my account. I email the online service who gives me some lame excuse and tells me I have to call the branch. I called the branch and the girl I talked to was a real winch. She pretty much told me to go take a hike. She said it was not their problem and she could not help me. I have called the branch manager for four days and he won't call me back. I have filed a complaint with the Fedeal Reserve and I am waiting for am officer to call me back from the police department. They won't tell me where my checks are and they have now overdrawn my account. I put a check in the back with my name on it on the 8th to cover the checks I had outstanding and they hed it until today. The two checks came through yesterday and they sent them back NSF an have charged me $140.00 in NSF fees. So I go to the branch and I told them that I was going to close the account because the were idiots and they pretty much did not care just said, looks like you have had some problems and it is just not working out for you. Maybe you should take your business elsewhere.
Was this review helpful?
Read 16 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by Anonymous on 2009-12-10:
Have you called the 800 number?
They don't handle the ATM deposits in the branch. Rather they pull the deposits and they get shipped off to ATM processing.
If they (the people in the branch) are unwilling to do research into your problem and contact their ATM department; you might have to call the 800 number... 1-800-922-4684 and see what they can do to help you.
Posted by JR in Orlando on 2009-12-10:
I have a Wachovia account and it has worked out well. The mistake you make is that "they have now overdrawn my account" is not true. It is you who overdrew your account by writing checks before the money was credited to your account, not simply put in the ATM. If you live on the float, you die on the float.
The two suggestions I have are a) don't make deposits, especially cash through the ATM; and b) when you have a problem go to the bank instead of calling them.
Posted by Anonymous on 2009-12-10:
Why didn't you just wait for Monday to deposit the checks? There are no transactions handled on Sunday's. These most certainly would have more delays in processing. Customer service referring you to the branch is just their way of getting you off the phone. The branch can't do anything about your situation.
Posted by Anonymous on 2009-12-10:
It always helps to go to the same branch you always do your deposits at. They know you and your account very well. Depositing checks into an ATM is very iffy. Especially, if things get lost.
Have you made deposits via the ATM before?
Do you usually go into a branch and make deposits?
Did you go to the same branch you made the ATM deposit at?
Did you use an envelope to make the deposit? Wachovia still uses envelopes.
It does sound like the people in the branch are kind of not smart. It's not hard for them to get ahold of the ATM department. It's a pain in the butt, considering there's a lot of back and forth; but things can generally get solved within a week, maybe two if they had just simply taken the time to listen to what happened, done some research and then called the ATM department.
Crap happens... that's why I don't do anything involving the ATM other than making withdrawls.
Posted by clutzycook on 2009-12-10:
I don't trust the ATM for anything except removing money. There is no deposit important enough for me that it has to be made after hours.
Posted by Anonymous on 2009-12-10:
Anything deposited on a weekend would not have posted until Monday night anyway. So you were still over drafted.
Posted by skelly39 on 2009-12-10:
Is your husband on the account?
Posted by yhall on 2009-12-11:
I have made deposits at this branch, through the ATM and in the night deposit. I have never had a problem. Wachovia SUCKS! and that is all there is to it. Now they wont tell me where my checks are they wont call me back and they tell me not my problem. Who does business like that. For those of you who say you have never had a problem your day is coming. I have had this account for five years. No my husband in not on the account. That is neither here nor there. I have deposited checks into my account for five years with his name on them, and my business name on them and no it is not a business account. I have never had a problem. So dont tell me my first mistake is that I over drew the account because no I did not. I went in a made a deposit to cover the checks on MONDAY! and they held the deposit until yesterday the 10th. This was in my name and is cleared by husbands bank on Tuesday the 8th. I checked his account and the check cleared his bank on the 8th. So why did they hold the second deposit until the 10th. My check were presented on the 9th and yes Wachovia overdrew my account.
Posted by yhall on 2009-12-11:
Yes I called the 800 number and no they will not give me an answer told me I had to call the branch. I have been calling them for five days now and the branch manager is too busy to talk to me. So maybe when to police officer walks in there today they can find time to talk to him and find out where by checks are. Since they wont help me maybe they will help him. I have spoken with an attorney and expressed an interested in starting a class actin suit against Wachovia. They are ripping people off left and right and it is not fair. For those online that think they are so perfect and dont have problems and we all ar so stupid and have overdrawn our accounts you just have not been there. When you time comes I hope I have the chance to say I told you so. Maybe you have not taken the time to see the thousands of people that they have stolen from. it is not just me and so maybe they should take a look at their business practices.
Posted by skelly39 on 2009-12-11:
Uh...no need to get snotty about it. I just asked you a simple question. And yes, it is here AND there. You can't just deposit anyone's check into your account. I'm surprised they let you do it in the past. Please calm down and realize that some of us are just trying to get more information, not judge or criticize you. I'm guessing that was the problem, that for some reason, they finally figured out that you were depositing checks that weren't written out to you, the account owner.
Posted by Anonymous on 2009-12-11:
Even though it was not your intention, you have set off several red flags for fraudulent activity. When you perceieve that they don't care if you take your business elsewhere, this would be the reason why.
What you want to do is either straighten this out with them, or ask them to close your accounts in such a way that they reflect that you closed them, not them. If they make the decision to close, and indicate that the reason for closing was suspected fraud, you'll have a problem getting a new account anyplace else.
Posted by Anonymous on 2009-12-11:
Again, I'll say they can't do anything at the branch other than what I said in my comments. They don't have your checks or money. Once it goes into the ATM, it's the ATM's problem. Something happened with the ATM department. I'm not going to repeat myself as my comment explains everything they *can* do which I guess they're refusing *to* do.
Posted by JR in Orlando on 2009-12-11:
Which statement is true: "I put a check in the back with my name on it on the 8th to cover the checks I had outstanding" in the initial post or "I went in a made a deposit to cover the checks on MONDAY!" [December 7th] made in your later post?
Either way you refuse to acknowledge that you wrote checks prior to the money being "credited" to your account. You "assumed" once it is deposited it is the same as credited - not true. You will continue to have problems with banks as long as you refuse to accept that the rules do apply to you, no matter how special you are.
Posted by Anonymous on 2009-12-11:
If they are unwilling to help you at that branch, try another one. There should be a teller manager or manager willing to help you in this matter. Not every branch has competant people working for them.
Posted by RachelleJA on 2010-02-06:
Why do people think that they can take a check made out to any person/business/creature and put it into their account. The bank returned the check due to the fact it wasn't MADE OUT TO YOU. It is a huge tax violation to deposit check made out to a business into your personal account. Most decent tellers wouldn't take it that's why you go to the ATM. The ATM isn't a person and cannot see who its payable to. So stop blaming the bank and educate yourself on basic banking 101.
Posted by ryno75 on 2010-02-09:
I love it when people think they can keep doing the wrong thing for years and get away with it. opps you got caught deal with it. they should have bounce you and your husband out of the bank for being stupid!
Close comments
Add reply
Worst Bank I have encountered....
Posted by Jfarrington on 09/16/2009
My account has been hit with thousands of dollars in fees over the last yer that I have been with Wachovia. Some have been my fault and some have not been. The last time was the worst. In a 2 week period, I have been hit with 420 dollars total on one account. The reason? Firts 2 transactions posted to my account. One for 3 dollars in change, and one for 10 dollars in change. The one for 3 dollars was made on a Monday and the 10 dollar was made on a Tuesday. I had 11 dollars in my account. The charge from Tuesday was posted first and so I was hit with 2 35 dollar charges instead of 1. Then get this, I was hit with 70 more dollars the next day. I was told because the 13 dollars was on hold and another charge came through which caused them to have to take the 13 off hold and use towards that purchase. (Even though there was enough in the account to cover it.)Then my direct deposit came through. I scheduled a 369.16 car payment with Captial One on the 10th. I also made other charges on the account including my cell phone and other ods and ends. This was all done on the 10th. Well I had a second checking account that was overdrawn in the amount of 97 dollars that I was slowly trying to offset. On the 11th, Wachovia performed a "Right to Offset" transfer on my account. I didn't know this was coming and had already made multiple charges on my account. Guess what happened? Wachovia posted the transfer to my account 1st and then all the other charges after that even though they were made a day before. So I was charged 280 dollars of NSF fees on top of all that. 280 dollars of fees that were charged because of the transfer made by Wachovia(well within their right) but with no warning whatsoever. So my account was 398 dollars in the whole. And out of the graciousness of their hearts Wachovia gave me a grand total of 67 dollars back. THANK YOU WACHOVIA! That really helps me get back on my feet. Of course my directdeposit will hit tommorow and we are back at the same point again. Not enough money to take care of my bills and my family. 420 dollars in fees for a couple mistakes that total less than 50 bucks. Sounds fair to me. UI have countless issues like this with this bank. This is just the worst one. This is the worst bank I have ever encounterd in my 30 years on this earth. Very disgusted. My only recourse is to file a complaint with the complaint dept which I have to mail in and wait to hear back from.
Was this review helpful?
Add reply
Review Link:
They Tried To Steal My Money
Posted by Flipper on 04/13/2009
NORTH PORT, FLORIDA -- In June, 2008, I went to open a CD and was told I had to also have a checking account with them. So I opened one with $100. I never received any statements, except at the end of the year there was a 1090. That didn't worry me, because I don't receive monthly statements from the other banks where I have CD's.
Friday I happened to look in my spam folder and there was an e-mail from Wachovia. I opened it and it said I had $0 in my checking account. They had been taking out $20 a month "service fee" since October. I called their "Customer Service" number Saturday, and after 20 minutes of playing around with their menu I was finally able to talk to a real person. I told him my problem, and he said he had to put me on hold. Fifteen minutes later, after listening to the most gosh-awful music, he came back and said the man who had written my CD and checking account info had made a mistake. He had forgotten to tie them together. He said I would have my $100 restored at once.
I checked back a few minutes later, and there it was. But what would have happened if I hadn't seen the spam?
Was this review helpful?
Read 7 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by goduke on 2009-04-13:
They didn't try to steal your money. The guy made a mistake. People sometimes do that. Sounds like they corrected as quickly as it was noticed.
Posted by Anonymous on 2009-04-13:
Well I'm glad they fixed it. However if we the customer make a simple mistake like over drafting our account by a nickel then it wouldn't be a simple 'people make mistakes' oh no, there would be 30+ dollar OD fee as a reminder not to make a mistake next time. I guess that's fair.
Posted by Anonymous on 2009-04-13:
Yeah, crabs. Funny how it never works where the bank customer can unilaterally impose a $39 fee on the bank when the bank 'makes a mistake'. It would be fun telling the bank staff, "Well, you'll just have to be more careful." LOL
Posted by tnchuck100 on 2009-04-13:
Right on, Crabman. When banks make mistakes, no penalty whatsoever! When the customer makes a mistake, nail the poor sucker with as many fees as they can conjure up by reordering the last 3 days transactions!
Posted by goduke on 2009-04-13:
Before everyone descends upon me like a pack of jackals after a wounded gazelle, you might actually read what I wrote. I never suggeted the back wasn't wrong or shouldn't be penalized. I simply stated it wasn't stealing. Stealing requires intent (look it up in Black's Law Dictionary). There wasn't intent here.
Posted by BokiBean on 2009-04-13:
Right on, Doc and chuck!
Posted by flipper on 2009-04-14:
I don't know how much of a "mistake" this was. A friend of mine had the same thing happen, at the same bank, two years ago. You would think they would clean up their act by now.
Close comments
Add reply
Incompetent/Poor Customer Service
Posted by Huffpaint on 08/27/2008
PHILADELPHIA, PENNSYLVANIA -- Starting August 12th, there was a pending deposit to my account of $3,990. I called Wachovia and asked who's name was on the check, and a man told me it was of someone of a name I've never heard before. I told him that the check was not mine. He informed me that there could of been a mistake because one of the account numbers on the deposit slip looked like it could be another number. He said he filed a dispute against the check for me.
A few days later, I looked at my statement online and Wachovia had taken $3,990 out of my account. I called and gave them my case number. The woman I talked to adjusted my account, and immediately my account was back to normal. On the 20th, again my account was over drawn from the $3,990. A woman who I cannot name, as of site's rules, then became "in charge" of my case. She told me before my account could be straightened out, it had to be "investigated". So the investigation went on and on, while my bank account was frozen, bouncing my checks. This woman told me that she would make sure that my checks went through too. She allowed me to take out $75 dollars in cash to live on while my account was investigated. While I waited for this investigation to take its sweet time, my account began raking in the overdraft fees.
Finally on the 26th, something happened, $39,900 was being put back into my account. I called and informed them, basically doing their job, that they were putting the wrong amount into my account. This same woman made sure to take the almost 40k out of my account immediately, and then rectified it by putting the correct amount of $3,990.
My account is almost back to normal as of today the 27th, besides the almost $200 in overdraft fees. This woman informed me that they would be reimbursed to me by tomorrow, so we will see.
I had written a check to Best Buy before I knew my account was going to be frozen for a lifetime, and Best Buy informed me that my check was returned twice to them. I told the woman dealing with my case, and she flat out lied to me and said Best Buy never tried to cash my check, and if they did then it would have gone through because she had put a note on the account. So because of this I may have to pay a late fee and more interest to Best Buy if I cannot figure out how to pay it before September 1st. She didn't care, and offered no apologies, acting like she was doing me a favor.
During this whole experience I just felt like I was having to beg for someone to help me, and then them acting like it was no fault of their own and talking to me accusingly. Hopefully tomorrow the fees that I incurred will be returned to me, and I can close my account.
EDIT: For the people who misunderstood me:
In the first sentence I said, "pending deposit to my account of $3,990." Pending is the operative word in this sentence. The $3,990 never was actually put into my account, hence I couldn't of spent it even if I had wanted to.
Was this review helpful?
Read 28 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by madconsumer on 2008-08-27:
"I told him that the check was not mine."
so i do not get it, did i miss something? is the check yours or not? i understand you saying it is not, then it is, then it is not, then it is .....
if the check is not your, and you knew it, why would you overdraft the account? if you had an accurate balance, without this check, it would not matter what checks you wrote if 'your' balance was correct.
Posted by Anonymous on 2008-08-27:
I am wondering the same thing. If the check was not yours, you shouldn't have used the money. If they took the check out and then added $3,990 of your own money to that, then I would understand, but you aren't saying that. I'm not sure if the bank is at fault here because you haven't made it clear whether or not you were using money that wasn't yours. NEVER use money that you don't have!
Posted by yoke on 2008-08-27:
I'm wondering if the bank took the money out twice. Once when she reported it and again when they realized their mistake, not knowing it was already taken out.
Posted by huffpaint on 2008-08-27:
Happy and Mad,
Please do not comment on my review if you are not willing to read it in its entirety. Why would Wachovia refund me money of $3,990, if I had spent it in the first place? If that was the case, then Wachovia would have paid me around $8k and I wouldn't be complaining on this website.
Posted by MSCANTBEWRONG on 2008-08-27:
I'm wondering the same thing as yoke. The only way I can see the OP's account being negatively impacted is if the pending deposit was cancelled and the same amount withdrawn from the checking account. The post is somewhat hard to understand...hopefully the issue will be resolved to your satisfaction huff...
Posted by huffpaint on 2008-08-27:
Yeah, I still don't understand why it negatively affected my account in the first place. This whole situation doesn't really make any sense to me either.
Posted by Anonymous on 2008-08-27:
huffpaint, don't reply to my comment when you don't understand your situation either. I wasn't being ugly to you. I read your complaint in its entirety and I don't appreciate the rude comment. If you have a problem with either mad's comment or mine, you need to clear it up on your complaint. Both of us are confused as to what you are referring to. Why would your checks bounce?
Posted by Anonymous on 2008-08-28:
I think what the OP is saying is that the 3990 was a pending deposit and was not part of the available balance. When the OP called, the pending 3900 deposit was removed from the account and then the bank debited an additional 3990 that was already posted and available in the account.
On point I would like to make is always follow up any telephone call you may have with a banks customer service with something in writing that summerizes what was discussed and what was agreed to.
Posted by madconsumer on 2008-08-28:
"I told him that the check was not mine."
what am i missing from this statement?
if the post was a bit more clear, i would have perhaps had a different answer.
Posted by yoke on 2008-08-28:
huff, did they actually take $7800 out of your account?
Posted by Anonymous on 2008-08-28:
Even though the amounts are different I wonder if there is a connection with the missing check from this posting: http://www.my3cents.com/showReview.cgi?id=41288
Posted by BobJohn on 2008-08-28:
This is my understanding - The check was pending DEPOSIT not deduction. All the poster wanted was the check to go away. Instead the bank deducted the check amount from his account AND canceled the pending deposit. So, they have taken HIS money out of the account without ever depositing the pending check in the first place. Now, $3,990 is gone from the account by the bank's action rather than any debits. When the poster wrote checks on the amount that was rightfully his (which wasn't there now) the checks bounced. What a mess.
Posted by yoke on 2008-08-28:
bobjohn, I agree with what you are saying, but since the op was not that clear and when the op has come back has only bashed posters that did not understand what she was saying we may never know what really happened.
Posted by huffpaint on 2008-08-28:
How am I bashing posters, when their comments are pointless? BobJohn and Rob got exactly what I was saying. Maybe because they can actually comprehend what they are reading. My story was of all the information I received myself, so don't blame me for it not making sense. I already know that it doesn't make sense.
Yoke, they did not take the almost $8k out of my account. They took $3,990 on two separate occasions out of my account, even though the check of $3,990 never cleared.
Posted by yoke on 2008-08-28:
buffpaint, you were not clear the first time around as to what happend. It wasn't until you came back that you kind of explained what happened. Is what happend what bobjohn said?
Posted by thensider on 2008-08-28:
sheesh, see if anyone ever offers to help you again
Posted by Anonymous on 2008-08-28:
The review is perfectly clear if you take the time to actually read it. I fail to see where the OP ever asked for any help from the my3cents crowd but rather was merely offering up a complaint on a consumer gripe site. Once again the blame the consumer first crowd pounces without fully understanding the situation. It's embarrassing.
Posted by thensider on 2008-08-28:
OMG I have a star!
ok, now that I am through jumping up and down...
I had to read the complaint 4 times to fully understand what the issue was. I have a 2 year, I speak gibberish, and I still couldnt understand it. No one was saying,"well buddy, your bad". People were simply trying to get a clear understanding of the issue. Instead of clearing it up, to OP responded with sarcasm. NOW its the OPs fault that he/she could not simply clarify the matter and instead chose to be rude. The End.
Posted by cherpep on 2008-08-28:
This poster simply came onto the site and posted a complaint - a very valid complaint. I don't see why everyone is confused by what was written, it seems perfectly clear what happened, and it was in no way the poster's fault. But, unfortunately, the poster's suffering was increased by the immediate bashing from members. What was this person to do? Just lay down and take more grief? Give em a break.
Posted by yoke on 2008-08-28:
Yes it is a valid complaint, but it is confusing at first. Once others came onto clear a few things up it became clear. What the OP originally wrote was unclear.
Posted by Anonymous on 2008-08-28:
Perhaps in gibberish "pending deposit" means pending debit... I don't know I don't speak gibberish but I do however speak English which rightly or wrongly I assumed was the language of this complaint. I gotta tell ya in English this review makes perfect sense.
Posted by cherpep on 2008-08-28:
Honestly, I understood the post before reading any of the comments. I didn't find it unclear at all.
Posted by MSCANTBEWRONG on 2008-08-28:
Glad you got the issue resolved Huff...
Posted by *Brenda* on 2008-08-28:
I didn't find this post confusing either cherpep.
Perhaps some members have reading comprehension issues.
Posted by Anonymous on 2008-08-28:
Well I like to think I'm at leaset semi intelligent and I'm still confused as to what really happened, especially when the OP responds with comments like: "Yoke, they did not take the almost $8k out of my account. They took $3,990 on two separate occasions out of my account, even though the check of $3,990 never cleared."
If they took $3990 from your account on 2 separate occasions, isn't that almost $8K, or are my math skills down the drain too?
Posted by huffpaint on 2008-08-28:
Yes, that is $8k, but what I meant is that my account was never overdrawn of $8k. It was overdrawn by $4k, Wachovia corrected it, and then again it was overdrawn of the $4k.
Posted by Anonymous on 2008-08-28:
Okay, the sick side of me wants to see the inappropriate comments that were removed. LOL
Huffpaint, I am glad that your situation has been resolved. I for one am considering keeping my money in a shoebox in my closet.
Posted by Anonymous on 2008-08-28:
huffpaint, thanks for clearing that up. I too am glad this was resolved for you. I've always liked Wachovia overall, but it seems they panicked when you first alerted them of the erroneous pending deposit, which in turn caused you hardship. Too bad they lost a good customer over their mishap and lack of urgency to get it corrected for you.
Close comments
Add reply
Posted by Sunmoonstars on 08/01/2008
APOPKA, FLORIDA -- It is Wachovia's practice to not post deposits (EVEN CASH) that are received after 2pm, until the next day. My husband went to the bank to make a deposit and was unsure of the exact time and asked the teller if he was in time to have it available that day. The teller said yes so he gave them $70 cash and they deposited the amount. My husband then went to the grocery store and spent $40. As it turns out the money registered a few minutes after two and it was not available. The next morning we had $105 worth of unavailable funds fees on our acct. As Wachovia explains it - they automatically pay the largest transaction first. We had three transactions pending from TWO DAYS BEFORE, because they paid the largest one first, there wasn't money for the three transactions that were pending and they charged $35 for each one. After I called and spoke to six different people and was transferred multiple times I was told to contact the branch. I spoke to the branch manager who told me that my husband wasn't listening carefully because her teller would never have told him the money would he available if it wasn't. So after being called a liar we called the 800# again to find out what could be done. Finally they agreed to refund only 40% of the fees. I was still very upset and trying to calm down when I looked at my account the next morning to find that they had charged us another $35. WHY!?!? Because after they paid the largest transaction of $40(which was also the newest transaction) there wasn't enough to pay the three older transactions. Since there wasn't enough to pay those they charged us $105 in fees. After they collected their $105 in fees we were overdrawn so clearly they had to charge another $35. Makes sense right? A Wachovia representative told us that it is their policy to pay the largest transaction first because it could be our house payment. If any one out there has a $40 house payment - let me know what your secret is! It seems to me that the bank comes out ahead if they are collecting fees for three transactions instead of one. The rich get richer and the poor get poorer. I am currently 7 1/2 months pregnant and have gestational diabetes. The fees they took prevent us from getting groceries for the special diet I am on for the next week. The funny thing is when you are on hold with Wachovia - they tell you how much your opinion matters. It only matters to them if it is good and you are encouraging other people to open accounts with them. My husband and I will make sure we tell everyone to avoid business with this bank at all costs.
Was this review helpful?
Read 12 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by 2inform on 2008-08-01:
Banks do have deadlines as to when deposits are posted. This is a common practice.
Posted by tnchuck100 on 2008-08-01:
Cash deposits should post immediately. There is no reason other than pure greed not to.
The ploy that they pay the largest first "because it might be a house payment" is an industry standard response. So what, they paid each item anyway. Their argument only holds water IF they returned to smaller items unpaid.
The fact is the sole reason for doing it is to maximize fees.
Close the account. Tell them to pound sand. Find a credit union.
Posted by lobo65 on 2008-08-01:
I would follow Chuck's advice if you can. Credit Unions are great.
Posted by BobJohn on 2008-08-01:
My bank does the same thing. If I deposited CASH at 3pm and wrote a check to someone at 310pm, and they brought the check in at 330pm (same day) it would bounce. Makes no sense, the banks work depsoits like the 1940's but debits are done with the best high speed that electronic technology can offer. It really is just to maximize fees - why would CASH have a hold for up to several days, like over a weekend?
Posted by Anonymous on 2008-08-01:
Banks post transactions at night. If you deposit before cutoff you will see it in your balance next morning. If you deposit after cutoff, it hits your account the next night. Cash is never held and would have been available that night. If you ask a teller if this deposit is available they will say yes. They aren't lying, they are telling you there is no hold. If the poster had asked 'can I spend this deposit on my way home?' they would have gotten a different answer.
Posted by Anonymous on 2008-08-01:
Why didn't he use the cash he was trying to deposit for his shopping. Unless it was also meant to cover other pending overdrafts.
Posted by Anonymous on 2008-08-01:
It doesn't have to be that way. These big banks like BoA, WAMU and Wachovia are not consumer friendly and their policies reflect as much. At my bank deposits made to a teller post immediately regardless of the time and the first $100 of an ATM deposit is immediately available. Shop around there are still plenty of consumer friendly banks out there.
Good review and I wish you luck.
Posted by Anonymous on 2008-08-01:
I'm with Robf...it's a bit odd that the OP's husband would go to the bank, deposit $70 cash, then go shopping and use a debit card or write a check. And I'm not knocking credit unions, but the one I used to belong to charges $20 for an overdrawn account or bounced check. Someone who writes checks or makes debits on money they don't have will still get penalized.
Posted by yoke on 2008-08-01:
Agree with robf.
Posted by Anonymous on 2008-08-01:
Agree with Yoke.
Posted by BobJohn on 2008-08-12:
I agree with myself.
Posted by quiyetstorm21 on 2008-10-02:
I had read many reviews concerning Wachovia and their banking practices before opening a Wachovia account and despite those reviews and my better judgement, I opened an account with Wachovia anyway. I am now finding that the reviews of many current and former Wachovia customers are dead on. Wachovia definitely manipulates funds and deposits so the possibility of overdraft fees increases. In addition, Wachovia posts deposits made by check, making it seem as though the money is available for use, but then puts holds on the money, making it unavailable (after it had been made available). I have dealt with a number of banks and I understand banking policies as holds are concerned, but I have never dealt with a bank that applied a deposit and then subtracting it from the balance after it has been applied. It is a check, and the policy is for the bank to hold the check, then why would the the hold not be placed initially before the balance ever posts to the account? It seems unfair and predatory to give customers a false sense of security when it comes to funds availability as a means of driving up the likelihood for overdraft fees and hence profits for the bank.
Close comments
Add reply
Terrible 3 hours on hold for customer service
Posted by AY on 02/27/2008
CALIFORNIA -- I opened a free checking account with Wachovia last year. It says there's no minimum required and no fees. I was told that I can check my bank activities online. So download my transactions as I do my other banks. I moved some money to my other banks and then I found I got a service fees of $5.95, which made my account overdrawn. Since it was less than a dolloar, I didn't persist on waiting after an hour of being on hold on the phone.... A statement came after that saying that I got charged $5.95 again. And when I finally got through to someone, they said I had used their service to download to my Quickens, and therefore I need to pay for it, and it is automatically billed every month. I absolutely do not recall having agreed to pay for such service, as my other banks don't charge for that. Wachovia's reply was that Bof A does! How do I feel? Either there's some fine print that I didn't read when I click the download page, or they are set up to purposefully deceive you! And get this, I told them I'd like to close the account, I was told that I'd have to pay the balance. A statement came after that, and I was charged another $40 since Wachovia had closed my account for it being overdrawn. OVERDRAWN BY WHOM? I feel like Wachovia is ripping me off 3 times!
A few days later, I got a statement for collecting debt, with Wachovia being the creditor! I called Wachovia today saying that I did not authorize to have my account closed, I was transfered to another line, and then put on hold, with a message saying how important your call is to them, and an agent will be with you shortly- I waited and waited, then half an hour past. I put it on speakerphone, so I could do some dishes, I then cleaned the kitchen, and responded to all my 12+ emails. Still, I was on hold..... 'our agents are busy assisting other customers'.... 'your call is very important to us'... It was almost 3 hours, until I suppose their recording went out. Such GREAT customer service!
So I'm telling everyone now, stay away from Wachovia. If there's a class action sue against them, count me in.
Was this review helpful?
Read 2 Replies
Add reply
Review Link:
User Replies:
Close comments
Posted by CrazyRedHead on 2008-02-28:
Did you read the little pamphlet/booklet that came when you opened the account. It's the little booklet that tells you about all the fees and charges associated with your account. I'm sure that it explains this fee and any others that is associated with your particular account.
Posted by Countermeasures on 2008-04-24:
Get this. A response from my complaint about being overdrawn by $6. The $35 fee resulted from 2 holds, which posted to my account the same day my paycheck posted to my account, which would have covered it by over $1000. Says in their response below that a hold will not overdraw the account.
Check out their excuses for not declining the debit card in the first place. It is a "feature" for "valued" customers like me that they can rip off.
Wachovia processes their debits and deposits days late so you don't know what is going on until you get slapped with NSF fees. I never needed to keep a register before because my other banks give almost real-time service. My wife and I have since closed these accounts.
apologize for the delay in responding to your message.
I apologize for the difficulties you recently experienced. The reason
Check Card purchases are still allowed against an insufficient balance
is qualified checking account customers have a feature on their accounts
called Authorization into Overdraft. This feature enables valued
customers receive authorization approvals for Check Card point-of-sale
(POS) purchases and foreign ATM withdrawals when the full transaction
amount is not available in the checking account. This benefits customers
- Preventing embarrassment from declined transactions
- Minimizing the impact of excessive merchant holds on the available
- Allowing more transactions to be approved and greater access to funds,
resulting in enhanced customer convenience and increased buying power
If you need to make a purchase just before being paid, this
functionality allows the transaction to be approved, and often the
paycheck deposit posts in time to cover the purchase and prevents the
overdraft fee.
Holds on other transactions can result in declined authorizations.
Qualified customers are now able to make purchases in spite of excessive
merchant holds.
An overdraft fee applies only when the checking account becomes
overdrawn. An authorization can result in an insufficient available
balance; however, the fee is generated only if a negative balance
results from a transaction posting to the account.
Close comments
Add reply
Next Page >
Top of Page
Next Page >
Consumer Resources
Company Responses
Site Rules
Terms & Conditions
Privacy Policy
Contact Us


text:
Emerging Infectious Diseases
Introduction to Emerging Infectious Diseases
Emerging infectious diseases are infections that have recently appeared within a population or those whose incidence or geographic range is rapidly increasing or threatens to increase in the near future. Emerging infections can be caused by:
- Previously undetected or unknown infectious agents
- Known agents that have spread to new geographic locations or new populations
- Previously known agents whose role in specific diseases has previously gone unrecognized.
- Re-emergence of agents whose incidence of disease had significantly declined in the past, but whose incidence of disease has reappeared. This class of diseases is known as re-emerging infectious diseases.
The World Health Organization warned in its 2007 report that infectious diseases are emerging at a rate that has not been seen before. Since the 1970s, about 40 infectious diseases have been discovered, including SARS, MERS, Ebola, avian flu, and swine flu. With people traveling much more frequently and far greater distances than in the past, the potential for emerging infectious diseases to spread rapidly and cause global epidemics is a major concern.
Additionally, there is the potential for diseases to emerge as a result of deliberate introduction into human, animal, or plant populations for terrorist purposes. These diseases are discussed under Bioterrorism Agents.
Factors in the Emergence or Re-emergence of Infectious Diseases
There are many factors involved in the emergence of new infectious diseases or the re-emergence of "old" infectious diseases. Some result from natural processes such as the evolution of pathogens over time, but many are a result of human behavior and practices. Consider how the interaction between the human population and our environment has changed, especially in the last century. Factors that have contributed to these changes are population growth, migration from rural areas to cities, international air travel, poverty, wars, and destructive ecological changes due to economic development and land use.
For an emerging disease to become established at least two events have to occur – (1) the infectious agent has to be introduced into a vulnerable population and (2) the agent has to have the ability to spread readily from person-to-person and cause disease. The infection also has to be able to sustain itself within the population, that is more and more people continue to become infected.
Many emerging diseases arise when infectious agents in animals are passed to humans (referred to as zoonoses). As the human population expands in number and into new geographical regions, the possibility that humans will come into close contact with animal species that are potential hosts of an infectious agent increases. When that factor is combined with increases in human density and mobility, it is easy to see that this combination poses a serious threat to human health.
Another factor that is especially important in the re-emergence of diseases is the acquired resistance of pathogens to antimicrobial medications such as antibiotics. Both bacteria and viruses can change over time and develop a resistance to these drugs, so that drugs that were effective in controlling disease in the past are no longer useful.
Climate change is increasingly becoming a concern as a factor in the emergence of infectious diseases. As Earth's climate warms and habitats are altered, diseases can spread into new geographic areas. In fact, this has already happened. For the first time, a tropical disease has caused an outbreak in Europe. In late summer of 2007, more than 100 residents of the town of Ravenna, Italy suffered from a mysterious disease that produced fever, exhaustion, and severe bone pain. The outbreak was eventually shown to be caused by chikungunya virus, a relative of the virus that causes Dengue fever, previously found in tropical regions around the Indian Ocean. Due to warming and globalization, the tiger mosquito which transmits chikungunya virus has been able to move north and thrive in areas across southern Europe and spread the chikungunya virus. Although chikungunya virus does not usually cause a fatal disease, this outbreak serves as a warning that other, more devastating tropical diseases could follow.
Examples of How Diseases Emerge
One example of an emerging infectious disease that can be attributed to human practices is HIV. It is thought that humans were first infected with HIV through close contact with chimpanzees, perhaps through bushmeat hunting, in isolated regions of Africa. It is likely that HIV then spread from rural regions into cities and then internationally through air travel. Further factors in human behavior, such as intravenous drug use, sexual transmission, and transfer of blood products before the disease was recognized, aided the rapid and extensive spread of HIV.
Influenza (or flu) is an example of an emerging disease that is due to both natural and human factors. Influenza virus is infamous for its ability to change its genetic information. Large changes in the influenza virus can cause pandemics because the human immune system is not prepared to recognize and defend against the new variant. The chances of large genetic changes occurring and being passed into humans are increased when humans coexist in close proximity with agricultural animals such as chickens, ducks, and pigs. These animals are natural hosts of influenza virus and can act as mixing vessels to create novel versions of influenza that have not existed previously.
Avian H5N1 influenza (or bird flu), which emerged more than a decade ago, has been limited to relatively rare instances of infection in humans who came into direct contact with diseased birds. The H5N1 virus is very deadly (more than half the cases have been fatal), but it has not acquired the ability to pass efficiently between humans. In contrast, the 2009 H1N1 influenza, which passed into humans from swine (pigs), transmitted easily from person to person. The H1N1 virus traveled around the world faster than any virus in history as a result of human activity, particularly air travel. Fortunately, it was much less deadly than the H5N1 virus. Emergence of an influenza virus that is as deadly as the avian H5N1 virus and is spread between people as easily as the swine H1N1 virus would be a very serious threat to human health.
Research on Emerging Infectious Disease Agents
The development of vaccines and antimicrobial drugs and the remarkable eradication of smallpox had created hope that infectious diseases could be controlled or even eliminated. However, the current realization that infectious diseases continue to emerge and re-emerge (including the possibility of bioterrorism), underscores the challenges ahead in infectious disease research.
To help meet this challenge, research is ongoing in the Department of Molecular Virology and Microbiology ( MVM) at Baylor College of Medicine ( BCM) on a number of emerging and re-emerging diseases, including influenza, Ebola, tuberculosis, dengue, and HIV/AIDS. This work encompasses both basic research in trying to understand more thoroughly how these agents cause disease and how the human immune system responds to these infections, and more directed research in developing and evaluating vaccines and other tools to prevent infection by these agents.
Click on a specific topic in the menu bar at the left or at the bottom of this page for general information about the agents that cause these diseases and specific research projects being performed by MVM investigators in these areas.
For more information:
http://www.niaid.nih.gov/dmid/eid/ - Listing and information about emerging and reemerging infectious diseases from the National Institutes of Health
http://www.cdc.gov/ncidod/diseases/eid/index.htm - CDC National Center for Infectious Disease website
http://www.cdc.gov/ncidod/diseases/eid/disease_sites.htm - Information about specific emerging or reemerging infectious diseases from the CDC
http://www.who.int/topics/emerging_diseases/en/ - Information about emerging diseases from the World Health Organization
http://www.cdc.gov/ncidod/eid/index.htm - Journal devoted to Emerging Infectious Diseases

subset: commoncrawl


text:
|Wigmore, England
|Columbus State
Parents: Graham and Angela Duffin
Sibling Name(s): Sarah, Laura
Major: Marketing
Achievements: Member of the Heritage Academy Honor Roll...played for Kent County, England All-County Team for three years...awarded Junior County Champion for Kent County...earned the Rochester and Cobham Winch Gold medal...was named North Georgia Moe's Athlete of the Week during the week of March 9, 2010 where he led the Saints to their first-ever team victory in a head-to-head match against the University of Dayton (Ohio).
Won 2011 Will Wilson Intercollegiate Tournament played at Tanglewood Country Club. Shot school record four-under-par (67) at the Timberline Golf Club to lead his team to the victory in the 2011 Fall Montevallo Invitational.
Nickname: Howie/H
Favorite Quotes: "The pain of sacrifice is nothing compared to the pain of regret."
"I can do all things through Christ which strengthens me" –Phil 4:13
Pre-Game Rituals/Superstitions: To pray and listen to motivating music.
Most Memorable Moment: Playing at the Augusta National Golf Club.
Something you do not know about me is: I graduated twice from high school.
Favorite Food: Italian
Favorite Sports Team: Manchester United and Georgia Bulldogs
Favorite TV show/Movie: House/Facing the Giants
Favorite Pro Athlete: Sergio Garcia


text:
Washington, D.C. --Speaker Nancy Pelosi spoke this afternoon during the opening session of the 111th Congress immediately following her election as Speaker of the House of Representatives.
"Thank you, Leader Boehner.
"Together, we welcome the many new Members of Congress who today join the House of Representatives of the United States of America. Congratulations to all of our new Members and our re-elected Members.
"Your constituents have placed great trust in you. Your families have given you the love and support to make your leadership possible. Let us join together to salute our families of the 111th Congress.
"I also want to thank my family: my husband of 45 years, Paul Pelosi; our children - Nancy Corinne, Christine, Jacqueline, Paul, and Alexandra; my grandchildren -Alexander, Madeleine, Liam, Sean, Ryan, Paulie, and Thomas. I also want to acknowledge my brother Tommy D'Alesandro III, former Mayor of Baltimore.
"I want to express my appreciation to the people of San Francisco for granting me the privilege of representing them and serving them in Congress.
"And thank you to my caucus for granting me the historic opportunity of breaking the marble ceiling and to serve, once again, as the first woman Speaker of the House.
"Leader Boehner: thank you for your generous words and for your commitment to put country ahead of party. Without reservation, let us stand together--not just today, but in the days ahead--to live up to that resolve.
"Few Congresses and few Presidents in history have been given the responsibility and the privilege of serving the nation in a time of such profound challenge.
"We do so renewed and refreshed by the new Members who join our ranks today.
"It is in that spirit that I pledge to you--let us all pledge to the American people that: we will look forward, not backward; we will join hands, not point fingers; we will rise to the challenge, recognizing that our love of country is stronger than any issue which may divide us.
"This is the lesson and legacy of the last election: the American people demanded a new era of change and accountability.
"Yes, we have problems as grave as our country has faced in generations. But now we enter a new Congress and a new era with a powerful sense of hope and pride in our great country.
"Two weeks from today, as Mr. Boehner indicated, on the steps of this Capitol, we will inaugurate the 44th President of the United States. From the inaugural platform he will look down the long stretch of the National Mall and see the steps of the Lincoln Memorial from which Rev. Martin Luther King, Jr. called us to the deepest truth of our founding dream.
"When Barack Obama raises his right hand and takes the oath of office, we will know and the world will witness how far America has come. We will celebrate that moment, but recognize that it is only a beginning.
"Together, with our new President, we as a Congress and as a country must fulfill the rest of America's promise. All of that promise will not be redeemed quickly or easily. But it must be pursued urgently--with spirited debate, and without partisan deadlock or delay.
"Hardworking, and still hopeful Americans who are losing their jobs, businesses, retirement savings, homes, or are facing foreclosure, cannot wait any longer for us to move from the depths of a recession to the solid ground of honest and fair prosperity for the many and not just the few.
"We need action and we need action now.
"Families and children without health care, and millions more who fear losing coverage or are facing rising costs, cannot afford to wait any longer.
"We need action and we need action now.
"States facing financial crises, which are threatening the education and the health of our children, the well-being of our seniors, and the public safety of our communities, cannot afford to wait any longer.
"We need action and we need action now.
"Our country is challenged by the climate crisis, the need for energy security, and the need for a twenty-first century infrastructure. On all of these issues and many more, we cannot afford to wait.
"Our nation needs action and we need action now.
"America's crises at home are matched by conflicts abroad-- a terrorist threat that could strike there or here.
"We cannot afford to wait to renew our alliances, our leadership, and our respect in the world.
"We cannot afford to wait to deploy the power of our ideals.
"And for the sake of our security, for the courageous Americans who serve on the front lines, and for our veterans who have bravely served, we cannot afford to wait to modernize and rebuild our military.
"Every chance we get we must express our appreciation to our heroic men and women in uniform and to their families for their service and their sacrifice to our country.
"Let us show America and the world that we are equal to every test of a turbulent and unprecedented time.
"Let us listen to each other. Let us respect every voice and view. And then together, let us act.
"As we in Congress pledge to reach across the aisle, we recognize that history will measure this decisive moment not just by what we do here in Washington -
but by how we reflect and respect how all Americans work together for the common good to strengthen America's future and faith in itself.
"As we take the oath of office today, we accept a level of responsibility as daunting and demanding as any that previous generations of leadership have faced.
"With the help of God, the light of our values, the strength of the American people, and the hopes that we have for our children and their future, God will bless us so that America will continue to be, as our Founders predicted more than 200 years ago, 'a rising not a setting sun.'
"May God bless our work. And may God continue to bless America.
"And now as I am sworn in to take the oath of office, I am joined by my grandchildren and invite all the children of the House to the podium."


text:
For those of you who I haven't immediately lost to another section of the newspaper, thank you for staying with me. I mean no rudeness, crudeness, or offense. But we're all adults, and I would like to write about an issue that has been nagging at me for a while now.
Marriage has always been like my own personal Sasquatch. Do I really believe in it? I've fluctuated between "Yes, I've seen the proof!" to "No, if you examine the footage closer you will see that's actually a dissatisfied couple in a gorilla suit." Other times, I have simply been awed and inspired by other's commitment to the Love Kool-Aid and their fondness and respect for their partner as they take the ride called life together.
A new top tax rate, higher Medicare taxes and the phase-out of deductions and exemptions could mean higher taxes for wealthier Americans this year—or not. Legally wed same sex couples, meanwhile, may find the true meaning of the "marriage penalty."
One thing is for certain: All taxpayers will have a harder time taking medical deductions.
Usually, I don't hearken to computer games, at least not since my fellow elementary school classmates and myself used to squabble over who got to shoot at pixilated buffalo and deer in The Oregon Trail game during our allotted computer time. Facebook frolics such as Farmville are beyond me, considering that if I actually wanted to bail hay and milk cows, I know several people whose doors I could just knock on as opposed to clicking a mouse.
After both Oregon and Oregon State looked about as interested in playing football last Saturday as I do in putting together a yearly business budget and participating in the hackneyed and cliché Christmas shopping bacchanal, I thought it would be a great idea to test your Northwest Rivalry Recollection this week.
This week and last week are rife with annual college football rivalry games from Left Coast to Right. Most of them I have heard some working AARP knowledge of.
Homer is one of those loveable hound dogs. He's very young, so this guy likes to jump and play. Homer is good with other dogs. He is possibly a mix of Beagle Harrier and Walker Hound.
Terri (not her real name) is a cute little girl. She is probably a Wire-Haired Terrier mix. She weighs only 18 pounds. She was found, lost.
Proof that it really is the little things in life:
That magical moment when you are cleaning out your car, thinking how nice a snack would be at that moment, when all of a sudden, "Hey, is that gator jerky under the passenger seat?"
Trust in providence and it shall provide!
Lessons learned the hard way:
It turns out The Lonely Goatherd from The Sound of Music is not a sexy song to spontaneously sing in public. Especially the "Lay ee odl lay ee odl lay hee ho" part. People tend to think you are a non-English speaker with Tourette syndrome, or that you are in need of a Riccola.
By Chris Cowbrough, Publisher
By Julie Crist, L. Ac.
Depending on whom you ask, about 55 million Americans do not have health insurance. The medical industry that kills 800,000 Americans every year--our leading cause of death--and gouges the rest of us, wants to make sure that you are suitably terrified of not having "health insurance," because if everybody caught on to the scam, it would put an end to their fountain of money.
My editorial offering this week might be a tad TMI for some readers, and that's okay. Sometimes, in order to illustrate a point, you have to go there. No, I'm not about to describe the dirty details of deadline day here at the Statesman. You can unplug your dog's ears and pull up the blinds on the windows.
I'm going to talk about being a teenager. Remember that? I'm sure most of you do, even if you've built enough walls around said memories to make Freud blanch with trepidation. Maybe you're a teenager reading this right now, and if you are, kudos, because this column is for you.


text:
JACKSONVILLE, Fla. -- Black History Month continues, and Tracy Dot Com joins us live on the Action Cam from Kingsley Plantation as we explore a difficult, yet important chapter in history.
Watch the video at left for more.
The Kingsley Heritage Celebration is Feb. 18 and includes Sparky and Rhonda with melodies, stories and music of the Civil War era; re-enactor Rose Person as Harriet Tubman, with poetry and Harriett Tubman's role in the Civil War; a kid's craft corner and house tours.
It continues Feb. 25 and includes re-enactors, demonstrations of life on the plantation and the Massachusetts 54th regiment, the first African-American unit in the war.
Kingsley Plantation is located at 11676 Palmetto Ave. Admission to the Heritage Celebration is free. Phone (904) 251-3537.
For directions visit http://www.nps.gov/timu/planyourvisit/directions_kingsleyplantation.htm.


text:
Added to Bag!
We'll let you know if it's back in stock!
Added to Wishlist!
Pom and Dance Scarf in Blush
$16.99 No Longer Available
Here's the deal - we could go on and on about how absolutely adorable, and pitch-perfect for the changing seasons this blush-hued scarf is, but we'll skip the small talk let this amazing accessory show you just how chic it really is. Featuring a crinkly, sheer consistency and trailing pom-pom trim, this lovely layering piece looks effortless when you swoop it around your neck, and just as fun and fetching when worn as a light wrap. Reach for it whenever you're one accessory shy of a complete e... More
Final Sale: This item cannot be returned or exchanged.
- 100% Cotton.
- Fabric provides stretch. Scarf measures 67.5 inches in length, 21.5 inches in width. Length measurement taken without fringe. Fringe measures approximately 8 inches in length.
- Hand wash cold. Do not bleach. Do not tumble dry. Lay flat to dry recommended. Iron low. Dry cleanable.
- Sheer.
- Imported


text:
OURAY – The Ouray Chamber Resort Association Board of Directors welcomed two new board members this week, Heather Clark and Michelle Haynes.
"We are pleased to have a board that fully represents our member community – from tourism to non-tourism based businesses – and welcome the new insights, energy and experience that Michelle and Heather will bring," said OCRA Operations Director Katharina Papenbrock.
Clark, who has lived in Ouray for 31 years and owns two businesses, Ouray Laundromat and The Goldbelt Bar and Grill, has served on the OCRA board for approximately five months as an interim board member, and as the chair of the restaurant committee. "In this time, I have begun to understand OCRA's mission regarding economic growth and marketing of our beautiful community," Clark said. "I am excited to continue to support OCRA, its mission, and members by contributing my time and effort in expanding our local economy."
Hanes, who has lived and worked in Ouray since 1993, currently works at Citizens State Bank of Ouray as the Visa Programs and Online Banking Manager and Customer Relations Representative. She has also held multiple jobs in the community, and organized the local broomball league for nine years. "I have a profound love for Ouray and would love to be able to give back to this amazing city," Haynes said. "I am proud to be a part of a community that can maintain, sustain and grow even in the current economic conditions. I very much look forward to making a positive impact in this community and making that difference as a member of the OCRA board."
Clark and Hanes will each serve a three-year term from Jan. 1, 2013 to Dec. 31, 2015.
They join fellow OCRA board members Brandy Ross, Switzerland of America, Inc. – President; Tamara Gulde, Mountain Fever Shirts & Gifts – Vice President; Michelle Poirier, The Blue Pear & Bloom – Secretary; Mike Buhler, Timber Ridge Lodge – Treasurer;
Ryan Cook, San Juan Chalet; Monica Moran, An Eclectic Eye; and Koree Schmidt, Alpine Bank.
Board elections for new officers will take place at the OCRA board's retreat in January, Papenbrock said.
In other news, the Ouray City Council this week approved a contract with OCRA for the use of $185,000 of Lodging and Occupancy Tax (LOT) funds generated in 2013 in order for OCRA to execute its 2013 Marketing Work Plan on behalf of the City of Ouray. The plan is intended to serve as OCRA's operating structure for the coming year in four areas relating to marketing, special events, staffing and operation of the Ouray Visitors Center.
On the marketing front, the OCRA Marketing Committee intends to introduce a series
of bi-monthly marketing training sessions in the coming year. OCRA has also entered a contract with the marketing consulting firm Internet Honey to organize and track its marketing buys and leads. In 2013, OCRA will expand its use of Internet Honey to start creating monthly "Score Cards" where its marketing goals are evaluated on a monthly basis and benchmarked against similar communities.
"This will allow us to identify trends and make small adjustments in our messaging to really maximize our marketing dollars," Papenbrock said in her report to council.
OCRA will also continue its dedication to regional marketing, ranging from Grand Junction to Glenwood Springs and Durango, and plans more integration between its monthly marketing messaging and social media.
The 2013 Visitor's Guide to Ouray has been published by Ballantyne Communications out of Durango. The guide will be out on the streets before the new year.
In regard to events, OCRA successfully launched two new major events in 2012 in partnership with local organizations – Ouray County Mud Fest and the Mountain Air Music Series – and expects to see continued growth across both events.
"The main focus of 2013 will be perfecting the flow of events from month to month and improving the existing longstanding events such as Taste of Ouray, Grillin' & Chillin' Brew & Music Fest, and Oktoberfest," Papenbrock reported. "The future vision for these events is to expand them to be largely organized by community members and appropriate non-profit groups, with marketing and branding oversight by the Chamber."
In 2012, OCRA's annual Ouray Jeep Raffle had its highest net profit on record – $20,000. Now, the board faces the pleasant dilemma of how to spend all that extra money. Options on the table include expansion of scholarships and increased support of community events.
Papenbrock reported that OCRA continues to research the feasibility of an interactive visitor information kiosk somewhere along the Main Street corridor or at the Ouray Hot
Springs Pool. The first step will be a test model developed for and installed in the Visitors Center.
Councilman Michael Underwood applauded Papenbrock and OCRA marketing manager Heidi Pankow at Monday's meeting for their solid work and ambitious marketing plan. "I am enthused about the things you have implemented," he said.
Samantha Wright at firstname.lastname@example.com or Tweet @iamsamwright


text:
Premium Edge Senior Dog Lamb, Rice & Vegetable Formula has a moderate protein and lower fat level to maintain good body conditions. Added taurine for heart health and L-caritine for a healthy metabolism.
Lamb, Lamb Meal, Oatmeal, Whole Grain Brown Rice, Cracked Pearled Barley, White Rice, Millet, Egg Product, Chicken Fat (Preserved With Mixed Tocopherols), Potatoes, Flaxseed, Natural Flavor, Kelp, Carrots, Peas, Tomatoes, Apples, Cranberry Powder, Rosemary Extract, Parsley Flake, Potassium Chloride, Glucosamine Hydrochloride, Choline Chloride, Dried Chicory Root, Taurine Vitamin E Supplement, Iron Proteinate, Zinc Proteinate, Copper Proteinate, Ferrous Sulfate, Zinc Sulfate, Copper Sulfate, Potassium Iodide, Thiamine Mononitrate, Chondroitin Sulfate, Manganese Proteinate, Manganous Oxide, Ascorbic Acid, Vitamin A Supplement, L-Carnitine, Biotin, Calcium Pantothenate, Manganese Sulfate, Sodium Selenite, Pyridoxine Hydrochloride (Vitamin B6), Vitamin B12 Supplement, Menadione Sodium Bisulfite
Guaranteed Analysis:
Crude Protein 20.0% Minimum Crude Fat 10.0% Minimum Crude Fiber 3.0% Maximum Moisture 10.0% Maximum Ash 6.0% Maximum Calcium 1.1% Minimum Phosphorus 0.9% Minimum Sodium 0.3% Maximum Zinc 175 Mg/Kg Minimum Selenium 0.4 Mg/Kg Minimum Vitamin A 18,000 Kg/Kg Minimum Vitamin E 300 Kg/Kg Minimum Taurine 0.1% Minimum Omega-6 Fatty Acids 1.7% Minimum Omega-3 Fatty Acids 0.25% Minimum Glucosamine Hydrochloride Not Less Than 1200 Mg/Kg Chondroitin Sulfate Not Less Than 400 Mg/KgOur Price: $22.41


text:
The Associated General Contractors (AGC) of Minnesota announced recently that The Mathiowetz Construction Company has met the criteria required to be a CHASE Level 1 contractor. The Construction Health and Safety Excellence (CHASE) program, is a partnership between AGC of Minnesota and MnOSHA to recognize contractors that emphasize safety on the work site through written safety and health programs, weekly employee safety meetings, employee and supervisor safety training, self audits, and other proactive measures while maintaining injury and illness rates lower than the industry average.
"CHASE provides a strong tool for contractors in all construction markets who wish to differentiate themselves from their competition," said AGC of MN CEO Dave Semerad of the 24 current participants in the program. "But most importantly, it represents a commitment to the safety and health of the working women and men who build Minnesota."
Article Photos
Submitted photo
Members of The Mathiowetz Construction Company Safety Committee include (row one) Chuck Meyer, Kevin Hesse, Scott Surprenant, and Doug Riederer. (row two) Greg Fromm, Brian Krzmarzick, Keith Olson, Brent Kucera, Jim Pults, and Jim Warwick. Missing from this picture are Nick Breu and Travis Simon.


text:
DMG's new website is up, and it's lovely. (^_^)b But as always when big changes happen, little things go out of wack. I mean for this thread to be a combination bug report/constructive criticism, so the website can get even better. (And I know a few things were already noted on twitter. See, we're lookin' out for you. ) Here's some things I found, to start with:
*The frontpage says "Next Video Conference Schedule is February 29, 2012." If I recall, the next streams are on Feb. 17 and Mar. 2, so is that a mistake, or does it refer to something different?
*If I click Login while the email and password fields are blank, it takes me to the dashboard of, I guess it's a blank slate user, with the ID of G0000001828.
*The DMG Agreement can't be printed or saved. It says the file is damaged and can't be repaired. Says the same thing before and after I resubmitted my information.
*The online version of the Localizing Guidelines is missing the sample reference images, and it says Updated 6/8/2011 at the top, when there's an update from 9/12/2011 at the bottom. Also, it'd be nice to get a downloadable .pdf version of that again.
*The new Find Someone or Group tab is an interesting idea, but it sorely needs work. It's just not practical to browse through four names at a time (seemingly at random), with no way to search for someone by name or job type, and no way to go back in case you overclicked. Also, almost everyone I saw there had the "New user / Default profile summary," so I really hope you publicize this new feature in particular in the next newsletter so people know to either change their info to something more useful, or opt out of it in their Account Settings.
And that's it from me! Has anyone else gotten to play with the new site yet?


text:
The question of whether an ETF can collapse is the focus of a fascinating new report by Bogan Associates, an under-the-radar investment firm in Boston.
The concern of the Bogan report, as well as other market participants I've been talking to, is that the complexity of exchange-traded funds and their increased use as trading vehicles by hedge funds can be quietly but quickly creating serious market risk.
At the heart of the matter is what stock ETFs really are: Derivatives with unlimited share creation prospects. Unlike regular mutual funds, which buy and sell stocks with the cash from investors, ETFs buy so-called "creation units" from participating institutions. Each creation unit represents 50,000 shares owned by an "authorized participant."
I can't stress the complexity of the structure. If the very nature of these "creation units" is beyond the comprehension of most investors the actual mechanics of ETFs involve an even far more complex matrix of transactions.
Harold Bradley, chief investment officer of the Kauffman Foundation, goes so far as to say: "These are like unregulated futures contracts because of their unmitigated open interest."
The "unmitigated open interest" he's referring to a startling figure in the Bogan report: That while the SPDR S&P Retail ETF has about 17 million shares outstanding, it has around 97 million shares short. That's right, more than 500 percent of the ETF is net short.
"This implies total gross ownership of XRT in the market of roughly 96 million shares," says Andrew Bogan, who co-runs the firm with his father, Thomas, a former interim research director at State Street. "So the assets held by the ETF operator (State Street Research - no relation to State Street Global Partners) in this fund are about $680 million, while the implied ownership of all the long holders would be worth $3.9 billion.
"In this extreme example, the ETF operator holds only about 17 percent of the shares that people most likely believe they are buying when they buy XRT in their account. The remaining stock is implicitly promised by short-sellers though their prime brokers if authorized participants"—the institutions that own the shares behind the creation units—wanted to redeem more than 17 percent of the shares owned."
In effect, he says, this amounts to a "fractional reserve stock ownership system" and a "shadow market caused by massive scale short-selling."
The big question: Who will be left holding the bag? Retail investors? Prime brokers? Even Bogan and his co-authors can't answer that; the data is that unavailable and the issue is that complex.
To repeat what I said in CNBC's Man vs. Machine segment : Many critics are concerned that ETFs have grown well beyond their original intention and have become a monster that will wreak havoc.
The Bogan report certainly speaks to that. State Street Gobal Advisors, which runs the XRT, has not yet responded to our request for comment.


text:
True Gotham TV
- A Broker's Job
- City Harvest
- Contact
- Dirty Real Estate Tricks
- Fun
- House Raffles
- I'm New to TrueGotham
- In The News
- In The News / Press
- Legal Info
- Market Insight
- Mission
- Neighborhoods
- New Developments
- Podcast
- Property Videos
- Subscribe
- Team
- The Hamptons
- Tips & Advice
- True Gotham Baseball
- TrueGotham TV
- Uncategorized
Recent Comments
- Drew Meyers on Can A Real Estate Agent Afford a Social Media Hiatus?
- douglas heddings on Slow Sales at 455 Central Park West are No Shocker
- NYC Weekly Roundup: The New Waterfront: Gantry Plaza State Park, Long Island City & More! on Renting Remains a Good Option in Manhattan
- Amy on Slow Sales at 455 Central Park West are No Shocker
- douglas heddings on MIMA Luxury Rental Condos in Manhattan
Recent Posts
- Private Mortgage Insurance: What Is It and Why Do You Have to Pay It?
- Searching for the Perfect Neighborhood? Keep These Three Factors in Mind
- New Posh Potties Soon to Hit Manhattan
- Manhattan Luxury Apartment Prices Continue to Rise
- Harlem Continues to Gain Ground as One of Manhattan's Hottest Neighborhoods
Other Links of Interest
Social Media
Organizations We Support
Subscribe here to have blog posts delivered to your email inbox.